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Retirement 101: Pay Your Future Self First

Updated: Dec 9, 2020

“Retirement is wonderful if you have two essentials — much to live on and much to live for.” – Unknown

As we roll (literally!) from Thanksgiving into the last month of this crazy, unimaginable year, thoughts inevitably turn to the future. What do we want that future to look like? Covid-free, of course! Beyond that, it seems we all seek some combination of meaningful work, fulfilling relationships, good health and the resources to sustain us happily through our golden years ... that's what it's all about, isn't it? Yes - sign me up please!

So how should you approach this seemingly gargantuan goal? First off, by showing up and prioritizing YOU - like our Woman's Compass Forum participants do every week. And by starting now - it's really never too early to plan. Make the switch from just saving to creating a plan that looks at how much you have, how much you'll need, and how to create a cash flow that lasts.

There are some handy tips and tools you can use to jumpstart your retirement savings today. Here are just a few we discussed today:

  • Start with this retirement calculator. It’s enlightening! Play around with retirement age, monthly savings and expenses to see how each affects a hypothetical retirement income plan.

  • Make your retirement savings a line item in your monthly expenses. Paying your future self is as important as your mortgage or car payment.

  • Consolidate your retirement accounts in one place, like Fidelity, Schwab or Vanguard.

  • Consider target date funds - they automatically get more conservative as you approach your chosen target date.

  • Prioritize retirement relative to short term term goals. For example, if you're saving for a down payment on a house, try to continue allocating a meaningful percentage of your savings each month (roughly 80%) to retirement.

  • Maximize IRA, Roth IRA and/or SEP IRA tax savings. Not sure how? Sign up for our next Woman’s Compass Forum course.

Planning for retirement is just one way to feel more control in an uncertain world.

Where there's a plan, there's confidence, security and a better night's sleep. Woman's Compass Forum provides the support, resources and community to take you to the next level. Do something today your future self will thank you for! Our next course starts Feb. 2, 2020!

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